The latest version of the economic-stimulus package is expected to provide less near-term support for the economy and make it less likely that the economy will pull itself out of recession before late this year.

The $789.5 billion deal, reached by House and Senate negotiators Wednesday, indicates the Obama administration was willing to reduce its goal of creating or saving four million jobs. The new plan pares some aid to state and local governments that was aimed at preventing job cuts and reduces tax breaks for workers that were intended to spur quick spending.

Reducing the payroll-tax cut for workers by about 20% -- to $400 per individual or $800 per family -- also diminishes another element that was expected to help the economy in the first half of this year.

Of course, we'll have to take Mr. Reddy's word for it, since the Democrats have already gone back on their promise to make the bill public and available online before they vote on it.

With each iteration, it becomes clearer that this isn't a "stimulus" bill in any meaningful sense, even if such a bill were possible in any meaningful sense. Larger and larger portions of the spending take place in the out years, where they have no stimulative effect. They do, however, manage to achieve through spending many of the Democrats' fondest wishes without serious debate or scrutiny.

Remember that this Big Blue Boulder of a Bill is only possible because our filibuster depends on Arlen Specter, Susan Collins, and Olympia Snowe. And that's only because of the sterling representation of Liddy Dole, Ted Stevens, and John Sununu.